The Real Deal Miami

U.S. mortgage delinquencies increase: Freddie

November 23, 2010 02:50PM

Mortgage delinquencies on single-family homes in October posted their first month-to-month increase since February as the national rate remained above the year-earlier level, according to Freddie Mac. The rate fell in March for the first time in three years, a sign that the mortgage market’s struggles had at least reached a plateau, Fox Business reported. October delinquencies on single-family residences increased to 3.82 percent from 3.8 percent a month earlier, with the rate remaining above last year’s 3.65 percent. The report also showed that Freddie’s portfolio declined at an annualized rate of 6.6 percent to $2.18 trillion in October, down from $2.192 trillion during September. Refinance loan purchase volume was $33.1 billion, a 5.4 percent month-over-month increase, and reflecting 83 percent of total mortgage purchases and issuances. That increase comes as some borrowers have been taking advantage of record-low interest rates to lower borrowing costs. [Fox Business]